a. promotes energy efficient products and buildings. most common example is zoning, area of land separating one land use from another (single family, apartments and retail). sum of the energy used over the ENTIRE assemblation, distribution and life and disposal of product. Match the following terms to the correct definitions. something of value given in exchange for a conveyance. Rental survey The percentage of value or sales price that a lender is willing to finance. However, as per the new report from the Gewos Institute for Urban, Regional and Housing Research, the sales boom may be coming to an end in the observable future. ENERGY STAR program was established in 1992 under this Act. Champions School provides the education needed to become a licensed Real Estate Agent, Broker, Loan Originator, Home Inspector, or Appraiser. ( Champions School Of. A house may be well-maintained and been updated over the years; therefore, the appraiser might determine that a 20-year-old house might have an age of 10, According to HUD, a home has a life expectancy of, The appraisal of commercial income properties, I = income, R = return on investment and V = value (V =I R), (R= I V), (I =V X R), Term use in the appraisal report to describe the property being appraised, The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction, The practice of refusing to provide financing in a particular location, The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender, The legal procedure under which property may be sold to satisfy an unpaid promissory note, The process of creating a new mortgage loan. 21 pages. underwriter approval. subsequent to adjustment, limits how much a payment can increase or decrease. Type of asset-backed security that is secured by a mortgage or collection of mortgages. Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. It basically insures the difference between the borrower's down payment and LTV. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. SUMMARYPreviousBalance$876.34Payments/Credits$800.00Transactions$1,009.56LateCharge$30.00FinanceCharge$29.67NewBalanceMinimumPayment$18.00. They are my go-to partner for all things related to continuing education. & \text{$\quad$makers outside the organization}\\ & \text{g. An information system that measures,}\\ (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. Investingactivities6. Has only one loan repayment plan, oFFering 30-year fixed rate mortgages only, The right of the government to regulate and control the way that an individual uses his or her land. ___________ 14. * whole # by denominator tenancy of will the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. reviews cover a checklist of items as they analyze the appraisal report. preserves low, existing intrest rate on the original note. These are non conforming loans. 6. cannot exceed 28% of the borrower's gross income, ratio of the borrower's total recurring monthly debts, including such obligations as house payment, payments on all installment debts, monthly payments. ___________ 4. Investing activities} & \text{$\quad$debts when they are due}\\ RESPA real estate settlement procedure act, regulation x. requires residential mortgage loan originators to provide borrowers with timely disclosures of of nature and costs of real estate, final respa-tila integrated disclosure rule, 3 pg loan estimate used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. ___________ 5. Conventional-loans that have no federal guarantees or insurance in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. Principles of Real Estate 1. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools 6. transfer of ownership against the will of owner. The TREC residential contract forms are: Drafted by the Broker Lawyer Committee 2. Payments are guaranteed, and they would be made at the end of each year. transferring real estate to the state when a person dies without heirs. The evidence an individual has of his or her right to possess land. provide basic information to the lender including, income, debt and credit history. You can do it, we can help! Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. 2. Property and lender information Bank owns it now. Leadership in Energy and Environmental Design-LEED, a 3rd party certification program for high performance buildings developed by the US Green Building Council. & \text{$\quad$operate the business}\\ Demand rises and supply is constant. Texas principles of real estate 2 - YouTube Frequently asked questions Texas Real Estate License Qualifying Education (QE) - Champions School Acodeofconductthataddresseswhetheractionsarerightorwrong\begin{array}{ll} borrower retains ownership, but is subject to the lein, fixed income investment- money mortgage companies use to make loans, mortgage notes repaid by sale of notes through the secondary market, hybrid of commercial and residential loans, evaluating borrowers loan application to determine risk, file built on credit information and to be used in underwriting. Here is what they had to say! deemed as low risk loan, Residential Mortgage Loan Originators (RMLO), Must be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending), purchase price is affected by the expectation of future appeal and benefits, value of a commodity is influenced by the cost of acquiring subsitute or comparable item, value of properties around yours goes up; so does yours, The Value of more expensive home placed in a neighborhood of less expensive homes will drop in value. Passed by Congress in 1968. 2. Operatingactivitiesc. Ethicsd. Competent grantor, identified grantee, consideration, conveyance, legal description, signed and delivered, a contract between the title company and the insured, RESPA (Real Estate Settlement Procedures Act), Regulation X, disclose cost, fees of settlement, Origination charges, Services you shop for, services you don't shop for (sum is Total Loan Costs), Final Loan terms and closing costs - Compare with Loan Estimate, Closing date, name of Settlement agent, Property address, Commission = (Amount of Sales) x (Commission Rate), Yearly Interest = Interest Rate (%) x Principle, loan x interest, then divide by 12 for monthly interest, subtract from payment to find principle paid, Principles Real Estate II- Practice Exam 2, Principles of Real Estate 2 Champions MATH SE, d.Theprocessofgeneratingandcommunicating, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, Don Herrmann, J. David Spiceland, Wayne Thomas, social studies end of war and consitution. responsible for: Deed that offers the most protection in which grantor fully warrants good clear title to the premises. A break in this line would create a cloud on the title. Financialaccountingobtainadequatefundsforbeginning8. promotes home ownership. ie. These are the 4 rights of land. & \text{f. The ability to earn enough income to}\\ 122 cards Real Estate Real Estate Principles Practice all cards Appraisal defined as an appraiser's Opinion of Value. A value for existing properties method for comparing similar properties to the subject property. According to this principle, the value of purchases "pools" or mortgages. Loss in desirability of style, layout or function, loss of value of a property caused by factors outside of the property itself;over supply, consequent drop in demand. Demand is great and supply is short, prices increase; supply is high demand is low prices decrease, lower priced properties in the area will cause a decline in the value of the subject property, Absence of competition will cause prices to increase in the marketplace; increased competition tend to bring prices down, must be sufficient demand for the property for it to have value, If a type of property is to abundant it has reduced value. If the property cannot be transferred, it is of little value. Principles of Real Estate 1 - Term flashcards - Champions School of 1. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. Acodeofconductthataddresseswhetheractionsarerightorwrong. a. based on the assessed value of the property and the existing tax rate. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. percentage of value or sales price that a lender is willing to finance. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. less depreciation, plus land value. \end{array} (Zoning example). &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. largest investor in home mortgages. \text{1. any property, whether real or personal, which is capable of being inherited. combination of two or more properties into one. There is no membership needed. & \text{$\quad$to spend capital in ways that are}\\ legal. The landlord or owner; party granting a lease. Title remains with the lender until the loan is repaid. loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. state law requires law, real estate contracts and leases over a year to be in writing. insures most protection, any changes to the ownership of real property. 3. A code of conduct that addresses}\\ January 1, 2005, launching its Mold Mission Program. The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Financingactivitiesb. grantor fully warrants good clear title to the property. Texas Qualifying Education (Pre-Licensing), Texas Sales Agent Apprenticeship Education (SAE), Texas Continuing Education (CE), Real Estate Professional Assistant Certificate, "I cannot say enough good about Champions School. Cost does not equal value, Change is constant, and are always effecting value, the purchase price is affected by the expectation of future appeal and benefits, value of commodity is influenced by the cost of acquiring a substitute or comparable item. TMARR requires that all persons who conduct assessment and remediation of mold be properly trained and licensed by the state. prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} Managerialaccountingandcontinuingtooperateabusiness9. c. Supply rises by more than demand rises. very likely to be contested. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. Sales Price monthly rent, the process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life, an estimate of value based on current construction costs, less depreciation, plus land value, estimate of value by examining and comparing actual sales of comparable properties, part of income capitalization. ___________ 7. offers the consumer an interest rate that is fixed for an initial period of time, then readjusts over the remainder of the life of the loan. provides the consumer with assistance securing hard to place or niche sources f mortgage money. The legal use that gives the greatest return in money and/or amenities. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Texas Principles 1 Exam Practice Questions With Answers - Champions examining of the public records and constructed a chain of title and an abstract of title. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. 1. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. person received notice of document or event even though actual notice was not delivered directly to him or her. One with no guarantees, warranties, or covenants, Two or more persons sharing joint ownership may wish to divide the property amongst themselves, increased usability and value real property, The combination of two or more properties into one, list of all owners from the rst to the current owner. method of financing which preserves the low, existing interest rate on the original note. purchase price is affected by the expectation of of future appeal and benefits. & \text{$\quad$whether actions are right or wrong}\\ Fraudulentfinancialreportinga. It's simple! & \text{i. d. Supply falls and demand is constant. it gives notice of moving in, the passive increase of the value of a parcel due to market forces. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. higher for smaller properites, conveys an interest in real estate from one party to another. \text{7. housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. ___________ 11. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35. & \text{$\quad$misleading financial statements}\\ Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. Adequate consideration The USPS has a monopoly on every type of mail or package. & \text{$\quad$economic entity}\\ Theintentionalpreparationofmisleadingfinancialstatementsi. Champions School of Real Estate.docx - Course Hero

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